Moody's gives A3 to S.F. Holding notes

Moody's Investors Service said it gave a senior unsecured rating of A3 to the planned dollar-denominated notes to be issued by SF Holding Investment 2021 Ltd., a wholly-owned subsidiary of S.F. Holding Co., Ltd., based on the parent’s guarantee.

"SF's proposed senior unsecured notes will improve its debt maturity profile and expand its capacity to accommodate any funding needs over the next 12-18 months," said Lina Choi, a Moody's senior vice president, in a press release.

"The proposed notes, primarily used to fund the completed Kerry Logistics acquisition, will raise SF's debt leverage in the near term. But we expect SF's leverage to gradually recover in the coming 12-18 months as the company's earnings growth offsets the increase in debt," added Choi.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.